Case Brief
The Reserve Bank of India imposed a monetary penalty on The Industrial Cooperative Bank Ltd., Guwahati under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to cooperative societies). RBI found violations of KYC and cash transaction guidelines, along with obligations under circulars relating to prevention of money laundering for UCBs. After considering the bank's reply to the show-cause notice, RBI concluded that the violations were substantiated and imposed a penalty of ₹5 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Guwahati, Assam
- Order Date